Fitz-Gerald Group CIO Keith Fitz-Gerald breaks down his stock pick, explains why Tesla is underestimated and shares his stock selling strategy.
Exclusive: Walmart – the nation’s largest private employer – is eliminating hundreds of roles and closing one of its North Carolina offices as it continues to pull workers back to its main hubs in California and Arkansas, according to an internal memo seen by FOX Business on Tuesday.
Walmart Chief People Officer Donna Morris said in the memo sent to employees that the company is cutting roles and asking office-based employees in Hoboken and some of its smaller offices to relocate to the company’s newly opened headquarters in Bentonville, Arkansas, as well as its office in Sunnyvale, California.
WALMART CHANGING TITLES, PAY STRUCTURE FOR CORPORATE STAFF
“We are making these changes to put key capabilities together, encouraging speed and shared understanding,” Morris said in the memo. “Through this review process, we have eliminated some roles as we streamline how we work.”
Walmart didn’t specify how many people will be affected, as the employees who are being asked to relocate will have at least a month to inform the company if they plan to move to the main hubs.
SOME WALMART MANAGERS GET PAY BUMP, PUSHING COMPENSATION OVER $600K
A shot of Helen’s Amphitheater on Walmart’s new campus in Arkansas. (Walmart)
The decision announced on Tuesday is part of a broader relocation strategy unveiled in May 2024, when Walmart initiated the first phase of relocating employees by asking staff from offices in Dallas, Atlanta and Toronto to move to Walmart’s corporate headquarters in Bentonville, its Hoboken, New Jersey, office or its California location. Any employees still working remotely at that time were also called back to the office.
Walmart began requiring workers to return to the office in February 2022, saying it boosts collaboration, innovation and faster work processes, while also strengthening company culture.
WALMART OPENS MASSIVE FITNESS CENTER ON ARKANSAS CAMPUS
As the corporate world began to ditch remote work, Walmart constructed a new 350-acre campus in Bentonville, where it opened office buildings last month. The campus has 12 office buildings, along with amenity buildings, parking decks and surface lots.
Pedestrians with bicycles at the main downtown square in Bentonville, Arkansas, on Nov. 21, 2022. (Terra Fondriest/Bloomberg via Getty Images / Getty Images)
The company is also opening new office spaces in Sunnyvale and Bellevue, Washington, while expanding its office in Hoboken and its fashion office in New York City.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“Our values and culture are strategic differentiators for us as a company, and they are fostered by being together,” Morris said in the memo. “We’ve already seen the benefits of having more teams working together in person, and today we are sharing another step that will help accelerate our momentum.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 100.74 | +1.20 | +1.21% |
Morris said the company will help affected employees “navigate the path forward, including providing relocation support or severance.”
